Custodian REIT plc : Purchase of Property (1255707)
December 09 2021 - 2:00AM
UK Regulatory
Custodian REIT plc (CREI) Custodian REIT plc : Purchase of
Property 09-Dec-2021 / 07:00 GMT/BST Dissemination of a Regulatory
Announcement that contains inside information according to
REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The
issuer is solely responsible for the content of this
announcement.
-----------------------------------------------------------------------------------------------------------------------
9 December 2021
Custodian REIT plc
("Custodian REIT" or the "Company")
Purchase of Property
Custodian REIT (LSE: CREI), the UK property investment company
focused on smaller lot-sizes, is pleased to announce a further
property purchase.
The Company has acquired a 45,779 sq ft retail warehouse unit in
Cromer occupied by Homebase, with nearby retailers including Travis
Perkins, Topps Tiles, Screwfix, Halfords and Argos.
The property is let on a lease expiring in July 2028 with a
current passing rent of GBP300,000 per annum, reflecting a net
initial yield1 of 6.29%.
The agreed purchase price of GBP4.5 million was funded from the
Company's existing debt resources, resulting in net gearing2
increasing to 21.1% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's discretionary
investment manager), said:
"Well located retail warehouses are complementary to on-line
retailing and have remained in demand during the restructuring of
the retail market and the COVID-19 pandemic. Homebase has traded
well from this modern unit in Cromer's core retail warehouse pitch
and this property firmly meets our investment criteria."
1 Passing rent divided by valuation plus assumed purchasers'
costs.
2 Gross borrowings less unrestricted cash divided by last
published property portfolio valuation.
-Ends-
For further information, please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Ed Moore / Ian Mattioli MBE Tel: +44 (0)116 240 8740
www.custodiancapital.com
Numis Securities Limited
Nathan Brown / Hugh Jonathan Tel: +44 (0)20 7260 1000
www.numiscorp.com
Camarco
Ed Gascoigne-Pees Tel: +44 (0)20 3757 4984
www.camarco.co.uk
Notes to Editors
Custodian REIT plc is a UK real estate investment trust, which
listed on the main market of the London Stock Exchange on 26 March
2014. Its portfolio comprises properties predominantly let to
institutional grade tenants on long leases throughout the UK and is
characterised by properties with individual values of less than
GBP10 million at acquisition.
The Company offers investors the opportunity to access a
diversified portfolio of UK commercial real estate through a
closed-ended fund. By targeting sub GBP10 million lot size,
regional properties, the Company intends to provide investors with
an attractive level of income with the potential for capital
growth.
Custodian Capital Limited is the discretionary investment
manager of the Company.
For more information visit www.custodianreit.com and
www.custodiancapital.com.
-----------------------------------------------------------------------------------------------------------------------
ISIN: GB00BJFLFT45
Category Code: MSCH
TIDM: CREI
LEI Code: 2138001BOD1J5XK1CX76
Sequence No.: 128993
EQS News ID: 1255707
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
Image link:
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1255707&application_name=news
(END) Dow Jones Newswires
December 09, 2021 02:00 ET (07:00 GMT)
Custodian Property Incom... (LSE:CREI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Custodian Property Incom... (LSE:CREI)
Historical Stock Chart
From Jul 2023 to Jul 2024